1、沪深两市8月12日总成交量为2.15万亿，较上一交易日回落，继续在20日均线（2.39万亿）下方交投。 2、8月12日衡量A股杠杆水平的融资买入额占A股流动市值之比温和回落至10.09%，年内一直围绕着10%波动，但5月以来波动明显加剧。 -------- 注：1、两市成交量反映了各大机构、游资、广大散户对A股看法，高于均线代表总成交量升高，市场情绪偏乐观，低于均线代表总成交量下降，市场情绪降温。 2、2015年以来，A股杠杆水平大部分时候维持在6%-10%，杠杆率超过10%意味着市场活跃度较高，可能接近或者处于牛市。达到15%以上意味着市场有过热风险，需要警惕风险。

Huatai Securities says AI compute expansion will increase optical-module power consumption, shifting aluminum nitride (AlN) — prized for high thermal conductivity, electrical insulation and thermal compatibility — from an optional to a likely required material. Huatai estimates optical modules could drive demand for high-end AlN powder to exceed 2,000 tonnes by 2027. On the supply side, Japanese suppliers are facing raw-material shortages tied to rare-earth controls, and tight downstream demand could create a supply shortfall and upward pressure on prices. Domestic manufacturers are accelerating capacity ramp-up and customer qualification, presenting a potential domestic-replacement opportunity.

智利国有铜业公司Codelco高管表示，正在研究扩大埃尔特尼恩特铜矿的矿坑，以弥补因地震风险而推迟的生产。